Polkadot Founder Announces $774 million Development Fund For DeFi

Written by Crypto University

May 9, 2022

Polkadot founder announces a big investment of $774 million development fund for DeFi:

Polkadot, which was founded by Wood, presently has 18,936,300 DOT in its treasury, which, according to the founder, can be utilized to fund anything that the network’s governance deems important, rather than being burned over time.

“The Polkadot treasury presently has 18,936,300 DOT (DOT, not USD – do the arithmetic) in it ready to spend on *your* ideas for building, developing, educating, and indeed, anything else that the Polkadot governance considers valuable,” Wood wrote on Twitter.

Token holders, validators, a Council, and a Technical Committee are all part of the network’s intended on-chain governance architecture.

“The DOT in the Treasury is a built-in feature of the network protocol.” 

Fees, slashes, and inefficient staking configurations are all contributing issues,” Polkadot’s inventor and Kusama explained where the funds come from.

Similar para chain auctions were witnessed on Polkadot’s canary network Kusama (KSM) earlier this year, which has since auctioned more than 10 para chains to various innovative projects in the DeFi, liquidity bootstrapping, and NFTs ecosystems.

The timing of Mr. Woods’ announcement is particularly interesting because Polkadot is now preparing to organize its first series of para chain auctions, which will let various projects to merge with the platform and benefit from its governance, security, and decentralized methods.

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Source: https://techstory.in/polkadot-founder-announces-774-million-fund-for-defi/

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